I am generally uninterested in cryptocoins but when 6.3 BILLION gets stolen that gets my attention.

On October 29, 2026, an attacker moved approximately USD 6.36 billion out of Binance wallets on ten blockchains, most of it in about 20 minutes starting at 20:05 UTC. That makes this the largest crypto theft on record, about four times the USD 1.5 billion Bybit hack of February 2025. Binance has confirmed a security incident and suspended withdrawals on several networks.

The equity stolen is not just a bank heist, It’s a weapon, Depending on what the hackers do they are holding a weapon of mass destruction.

On Ethereum, the attacker used an EIP-7702 delegation to turn a Binance hot wallet into a sweeper it controlled, with 50 pre-signed authorizations prepared in advance. In the same window, Binance wallets on the other nine chains sent funds to the attacker through ordinary signed transfers. In TRM’s assessment, this points to a compromise of Binance’s hot wallet signing infrastructure.
Tether, Circle, Ripple and World Liberty Financial froze about USD 2.67 billion in stablecoins, and Arbitrum’s Security Council froze 8,426 ETH and 74.6 million ARB on its network, for a total of roughly USD 2.7 billion. The attacker raced the freezes by selling USDT to market makers and borrowing ETH against USDT on Aave. It now holds more than 420,000 ETH and 18,270 BTC, about USD 2.4 billion in assets beyond any issuer’s reach.

Rumor is they exploited a single machine to exploit the hack moving off massive amounts of money. If you are running a billion dollar enterprise and you have it where a single machine can be exploited to steal billions the crypto industry has a major problem. I don’t understand why the news is not questioning the fact of a single point of access had access to over 6 billion dollars. It is the equivalent of having a bank vault with a back screen door on the outside of the bank.

If Binance has a problem this big how many other crypto firms have the same screen doors or worse?

TRM traced every transfer from Binance-attributed wallets to attacker-controlled addresses across ten blockchains. Valuing each transfer at the price of the asset at the moment it was taken, the total is approximately USD 6.36 billion. At current prices, the same assets are worth about USD 6.23 billion.

Given that they moved the crypto out there is not many places they can extract it to, But if they use as a weapon to destroy coin values on other cryptocurrencies. If the currency is one that is not freezable they could inject a massive amount of coin into a currency and destabilize coins. Shifting in billions into other currencies would cause a panic or a run on coins because people trying to get a hand up in the market would cause extreme volatilities.

At a guess this is not the end of the hack if they leveraged one machine they would never just leave that one machine with the hot wallet open, they would scan the entire network and leave weaknesses through the whole thing. But as far as saying this is a one time event I don’t buy it . If a person walks out the door with 6.3 billion dollars they don’t close the door on the way out they leave a door or a window jammed open if they can.

Given the amount of the hack the amount of money is nothing, It’s the power of the money. When you can simply throw the money at crypto and short sell the hell out of it and destroy value in the coin you can be the joker from the dark knight.

As the Joker said “It’s not about money, it’s about sending a message. Everything burns.”.

I think Thomas Paine said it best when he called out this exact type of thing over 200 years ago “As to the assumed authority of any assembly in making paper money, or paper of any kind, a legal tender, or in other language, a compellable payment, it is a piece of monstrous arrogance.”

Small update: noticed 9 hours after the hack they were still moving crypto off
Transfer 20 hrs ago Binance Hot Wallet Exploiter 2 OUT 17,260 ETH

Update 2: in a case of irony walking into a stop sign.

Update 3:

This is just dishonest math. The amount stolen from the Mt Gox hack is still worth 450 to 500 M not the 50 Billion he is trying to downplay the current 6.4 billion. Cryptocurrency is not equal to normal paper currency otherwise my dollar from 1983 could be worth 80 million.

This is like saying every gambling addict always walks into the casino a millionaire, they just need to get it out of the machine because they know they will “win”.

Trmlabs – North Korea Steals USD 6.36 Billion From Binance in the Largest Hack in History